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How Much You Can Afford When Applying For A Mortgage

In Canada, the minimum down payment requirements can impact how much you can afford when applying for a mortgage. These rules dictate that the minimum down payment must be:

  • 5% of the purchase price for homes up to $500,000
  • 10% of the purchase price for any amount between $500,000 and $1 million
  • 20% of the purchase price for homes over $1 million.

For example, if you have saved $15,000 for a down payment, the maximum home price you can afford would be $300,000 ($15,000 divided by 5%). However, if your down payment was $30,000, your maximum affordability would increase to $550,000. You can use our mortgage affordability calculator to run the numbers yourself and determine what price range would be suitable for your budget. However, some lenders may require a higher down payment depending on your credit score, employment history, and other factors. It's important to speak with a mortgage lender (I can help with this)to get a more accurate estimate of your down payment requirements.(Loanscanada.ca)

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When contacting me, please ensure to include the property address or MLS® number for the listing you are interested in. I look forward to hearing from you!

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42 Lake Ere Estates
Kinniburgh Chestermere T1X 0M6

$1,389,000
Residential beds: 6 baths: 4.0 3,219 sq. ft. built: 1974

Main Photo: 42 Lake Ere Estates: Chestermere Detached for sale : MLS®# A2152448
Photo 1: 42 Lake Ere Estates: Chestermere Detached for sale : MLS®# A2152448
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Photo 47: 42 Lake Ere Estates: Chestermere Detached for sale : MLS®# A2152448
Status:
Active
Prop. Type:
Residential
MLS® Num:
A2152448
Bedrooms:
6
Bathrooms:
4
Year Built:
1974
Welcome to Lake Ere Estates, a premier community for those seeking expansive, tranquil living. This prime 2-acre parcel of potentially development land in the City of Chestermere offers a fantastic opportunity for developers and investors. The land is potentially sub-dividable in future for multiple lots suitable for single-family homes or townhomes.(Buyers must do due-diligence) The property features nearly 3,000 sq. ft. of developed living space, ensuring ample room for comfortable living. The main level boasts high vaulted ceilings with wood beams, adding character and charm to the home. The open living room and dining area are perfect for large gatherings, with a cozy breakfast nook adjacent to the kitchen. French doors lead to a private patio, providing an inviting outdoor space. This level also includes three spacious bedrooms and a well-appointed 4-piece bathroom. The lower level offers additional living space with a large second living room featuring a wood fireplace, bar, and pool table. The laundry area has a walkout door to the backyard, and there are two more bedrooms and another 4-piece bathroom. The side entrance leads to an oversized double garage, providing ample storage and parking. Situated on a private, treed 2-acre parcel, this property offers the serenity of acreage life with the convenience of a city water supply. Enjoy outdoor activities with the firepit and deck patio, perfect for relaxing and entertaining. Don't miss this exceptional opportunity! Click on the 3D link for a virtual tour of this unique property.
Property Type:
Residential
Property Sub Type:
Detached
Condo Type:
Not a Condo
Transaction Type:
For Sale
Possession:
Possession Date:
Suite:
No
Home Style:
Acreage with Residence, Bi-Level
Total Living Area:
3,218.63 sq. ft.
Lower Level Finished Area:
Above Grade Finished Area:
Taxes:
Tax Assessed Value:
HOA Fee Includes:
Lot Area:
2 acre(s)
Acres Cleared:
Acres Cultivated:
Acres Irrigated:
Acres Leasehold:
Acres Not Cultivated:
Acres Freehold:
Acres Seeded:
Acres Tame Hay:
Acres Treed:
Acres Waste:
Acres Water Rights:
Front Exposure:
West
Reg. Size:
Reg. Size Includes:
Levels:
Bi-Level
Total Rooms Above Grade:
6
Year built:
1974 (Age: 50)
Bedrooms:
6 (Above Grd: 3)
Bedrooms Above Grade:
3
Bedrooms Below Grade:
3
Bathrooms:
4.0 (Full:3, Half:1)
Plan:
7510478
Heating:
Forced Air, Natural Gas
Basement:
Separate/Exterior Entry, Finished, Full
Foundation:
Poured Concrete
New Constr.:
No
Construction Material:
Wood Frame
Structure Type:
House
Roof:
Asphalt Shingle
Ensuite:
Yes
Flooring:
Carpet, Hardwood, Laminate
Cooling:
Central Air
Fireplaces:
1
Fireplace Details:
Wood Burning
Garage:
1
Garage Spaces:
2
Parking:
Double Garage Attached
Laundry Features:
In Basement
Kinniburgh
Central Air Conditioner, Dishwasher, Dryer, Electric Stove, Refrigerator, Washer, Water Purifier, Window Coverings
N/A
None Known
Floor
Type
Size
Other
Main Floor
Bedroom
14'3" × 10'10"
Main Floor
Bedroom
11'2" × 10'8"
Main Floor
Dining Room
13'11" × 12'3"
Main Floor
Kitchen
18'7" × 13'7"
Main Floor
Living Room
31'2" × 14'2"
Main Floor
Bedroom - Primary
16'2" × 13'5"
Basement
Bedroom
15'3" × 13'4"
Basement
Bedroom
12'11" × 11'1"
Basement
Bedroom
10'11" × 9'7"
Basement
Foyer
9'4" × 8'11"
Basement
Living Room
27'1" × 13'1"
Basement
Office
16'6" × 13'5"
Basement
Game Room
14'2" × 13'
Basement
Furnace/Utility Room
10' × 7'8"
Floor
Ensuite
Pieces
Other
Main Floor
No
3
8' x 6'9"
Main Floor
Yes
3
10'2" x 6'6"
Basement
No
2
5'1" x 5'
Basement
Yes
4
8'9" x 5'1"
Title to Land:
Fee Simple
Community Features:
Golf
Interior Features:
High Ceilings, No Smoking Home
Exterior Features:
Fire Pit
Patio And Porch Features:
Deck
Lot Features:
Backs on to Park/Green Space, Cul-De-Sac, Fruit Trees/Shrub(s), Private, Rectangular Lot, Treed
Num. of Parcels:
0
Fencing:
Partial
Region:
Chestermere
Zoning:
RR
Listed Date:
Jul 22, 2024
Days on Mkt:
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Virtual Tour

Listed by Grand Realty
Data was last updated September 20, 2024 at 04:05 PM (UTC)
Area Statistics
Listings on market:
203
Avg list price:
$699,900
Min list price:
$258,000
Max list price:
$3,900,000
Avg days on market:
30
Min days on market:
1
Max days on market:
175
Avg price per sq.ft.:
$362.69
These statistics are generated based on the current listing's property type and located in Chestermere. Average values are derived using median calculations.
Diane Richardson
Cell: 403-397-3706